The Growth of Green Tech

Green technology, or green tech, refers to the technology and science-based solutions that mitigate the negative human impact on the environment in a broad range of fields from agriculture to construction. Green tech can help us achieve sustainable growth by reducing our carbon footprint, saving resources, and creating new opportunities for innovation and development.

Green tech is not a niche market anymore. It is a global phenomenon that is attracting more investment and attention every year. According to a report by Allied Market Research, the global green technology and sustainability market is projected to grow from $10.32 billion in 2020 to $74.64 billion by 2030, with a compound annual growth rate (CAGR) of 21.9%. Another report by the World Economic Forum states that total investment in low-carbon technologies reached $755 billion in 2021.

What are some examples of green tech that are driving this growth? Here are a few:

• Vertical farming: This is a method of growing crops indoors using artificial lighting, hydroponics, and controlled environments. Vertical farming can save up to 95% of water, 75% of fertilizer, and 99% of space compared to conventional farming. It can also reduce transportation costs and emissions by bringing food production closer to consumers. Some companies that are leading the way in vertical farming are Infarm, Plenty, and AeroFarms.
• Plant-based meat: This is a type of food that mimics the taste, texture, and nutrition of animal meat using plant ingredients. Plant-based meat can reduce greenhouse gas emissions by up to 74%, land use by up to 80%, and water use by up to 50% compared to animal meat. It can also address the ethical and health concerns associated with animal farming. Some companies that are producing plant-based meat alternatives are Planted, Beyond Meat, and Impossible Foods.
• 3D printing: This is a process of creating physical objects from digital models using additive manufacturing techniques. 3D printing can reduce waste, energy use, and material costs by using only the necessary amount of material and creating complex shapes that are otherwise difficult or impossible to make. It can also enable decentralized production and customization by allowing anyone to create anything anywhere. Some companies that are using 3D printing for green purposes are Relativity Space, which can print entire rockets and engines; Carbon3D, which can print biodegradable plastics; and ICON, which can print affordable houses.
• Green hydrogen: This is a type of hydrogen gas that is produced from renewable energy sources such as solar, wind, or hydro power. Green hydrogen can be used as a clean fuel for various applications such as transportation, heating, and industry. It can also be stored and transported easily, making it a flexible and scalable solution for energy transition. Some companies that are developing green hydrogen technologies are ITM Power, Nel Hydrogen, and Plug Power.

These are just some of the many examples of green tech that are transforming our world for the better. Green tech is not only good for the environment, but also for the economy and society. It can create new jobs, markets, and industries; improve health and well-being; and enhance resilience and security. As the world faces the challenges of climate change, green tech offers us a way forward that is both feasible and desirable.